amount of educational opportunity grant—annual determination

amount of educational opportunity grant—annual determination Sec. 402. From the funds received by it for such purpose under this part, an institution of higher education which awards an educational opportunity grant to a student under this part shall, for the duration of the grant, pay to that student for each academic year during which he is in need of grant aid to pursue a course of study at the institution, an amount, determined by the institution for such student with respect to that year, which amount shall not exceed— (1) the lesser of $800 or one-half of the sum of the amount of student financial aid (including assistance under this title, but excluding assistance from work-study programs) provided such student, by such institution and any assistance provided such student under any scholarship program established by a State or a private institution or organization, as determined in accordance with regulation of the Commissioner, or (2) in the ease of a student who during the preceding academic year at. an institution of higher education received grades placing him in the upper half of his class, the amount determined under paragraph (1), plus $200. 79 Stat. 1233 If the amount of the payment, determined under the preceding sentence for an academic year is less than $200 for a student, no payment shall be made under this title to that student for that year. The Commissioner shall, subject to the foregoing limitations, prescribe for the guidance of participating institutions basic criteria or schedules (or both) for the determination of the amount of any such educational opportunity grant, taking into account the objective of limiting grant aid under this part to students of exceptional financial need and Such other factors, including the number of dependents in the family, as the Commissioner may deem relevant.